By Shelly Hagan
The report illustrates the extent to which global trade has collapsed amid pandemic-related lockdowns and travel restrictions. In Canada’s case, the economy is facing a double whammy from the pandemic and tanking oil prices. Combined imports and exports at C$68.6 billion were the lowest since 2010.
Energy exports dropped 44% in April, as the value of crude oil shipments fell 55% on lower prices and lower volumes due to weaker global demand.
In volume terms, total exports were down 20% in April, with imports falling 25%.